LatinNews Daily - 03 November 2022

In brief: Major urban development project announced for Costa Rica’s capital

* Costa Rica’s President Rodrigo Chaves has announced plans for a major urban renewal project in the capital, San José, which he said would involve 178,000m² of construction work. A key focus of the project will be on grouping together government buildings in the restyled area, dubbed ‘Ciudad Gobierno’ (‘Government City), and on eliminating rental costs for the government – Chaves said that the state would save US$23.5m per year on following the building of new government buildings, and that these funds would instead go towards building costs. “The people of Costa Rica don’t need to keep renting their future… they can be the owners of offices of state like in prosperous countries. Go and ask the governments of Sweden, the US, Ireland, how much they spend on rent for their finance ministries – it doesn’t make any sense.” Chaves said that the project would cost an estimated US$450m, and would be funded with a build, lease, transfer (BLT) loan from the Central American development bank (BCIE).

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